July 9, 2016

Market news and views

He added that UBS' Nifty's upside scenario is at 8,600 if the government increases its fiscal stimulus, the new RBI dispensation pursues a looser monetary policy and if it infuses state-run banks with capital using its reserves -- as is being expected ...

The Nifty has gained about 22 per cent since March 1, withstanding events that were considered adverse for the market such as Raghuram Rajan's decision to leave RBI and Britian's exit from the European Union.

The Nifty futures contract began the session on a negative territory at 8,350 and continues to trade in this territory. It recorded an intraday high at 8,353 and started to decline, witnessing selling pressure.

NEW DELHI: The Nifty50 closed below its crucial support level of 8,350 on Tuesday and formed a 'Bearish Belt Hold' pattern on the daily candlestick charts after completing a 'Sanku' pattern on Monday,which signalled a trend reversal in the short term.